A True Portrait of the Canadian Entrepreneur
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- Aileen Chambers
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1 StartUp Ready The Part-Time Startup A True Portrait of the Canadian Entrepreneur
2 More than half (53%) of all new startups in Canada are run by part-time entrepreneurs. 53% Pause for a moment to think about what this means. It means that the average startup defined as a business in operation for three years or less is not what it is commonly assumed to be. The part-time entrepreneur understands technology in fact, nearly a third (32%) are a tech startup. But their day-to-day reality is far from the vision of startups closing venture capital funding rounds and securing billion dollar valuations before they turn a profit. The true portrait of a Canadian startup is the woman down the street who is working through nights and weekends in pursuit of her great new idea, while spending her days working for someone else. She doesn t have access to the suite of services available to our common definition of a startup. She s struggling to get up to speed on all the essential components of running a business, like financial management. At Intuit, we are committed to helping her and the legion of part-time entrepreneurs pursuing their dreams. We want to help more part-time startups go full-time.
3 The $30,000 Threshold Part-time startups looking to go full-time aren t planning to become millionaires, they just want to do what they love. In fact, a third (35%) of startups trying to go full-time would quit their jobs if they could pull in a mere $30,000 or less. $30,000 $41,000 average earnings of a small business with fewer than 4 employees That s less than the average earnings of a small business with fewer than 4 employees, which according to Statistics Canada is $789/week, or $41,000/year. We think this is an achievable goal. It s not going to be easy. It s going to require hard work, and a commitment to ensuring that startups have the tools and resources they need to get their business set up the right way from the outset. This report looks specifically at how the interaction between startups and accountants & bookkeepers can make all the difference.
4 Going It Alone Lean, solo-run businesses represent a huge chunk of the economy. According to Statistics Canada they account for 1.3 million of the 2.4 million total businesses in Canada. 2.4 million businesses in Canada: 1,300,000 are solo ventures, with no employees 611,000 have 1-4 employees 470,000 have 5-99 employees 21,000 have employees 3,000 have more than 500 employees
5 Startups vs. Mature Businesses Graduating from a startup to a mature business is a long road. Our research demonstrates just how different startups are from mature businesses. Startups In business three years or less 3 yrs 53% are run by part-time entrepreneurs 47% are run by full-time entrepreneurs 3% 23% 74% sell services 32% tech based 74% 23% sell goods 3% not for profit 65% are not tech based 46% have at least one employee Mature Businesses In business four years or more 4 yrs 29% are run by part-time entrepreneurs 72% are run by full-time entrepreneurs 68% 4% 26% 68% sell services 26% sell goods 4% not for profit 20% tech based 73% are not tech based 64% have at least one employee
6 Startup Seed Money The majority (59%) of new startups start out very lean, with nothing but their own personal savings. In fact, only 10% of new startups borrow money from a financial institution (6%) or receive government funding (4%). 10% Previous Intuit research showed just how lean the startup years are, with the average Canadian entrepreneur starting out with $5,000 or less. The implications of this are clear. Startups begin with tiny, but highly risky personal investments. It s absolutely vital to make every dollar work full-time in the part-time startup years.
7 Getting to the Bottom Line Startups overwhelmingly understand the importance of engaging an accountant or bookkeeper: Four-fifths (80%) of startups have engaged an accountant or bookkeeper at some stage in the development of their business. Three quarters (73%) of startups believe that an accountant or bookkeeper would add value to their business. Unfortunately, only 13% are actively working with an accounting professional.
8 Overcoming the Barriers The biggest barrier to engaging an accountant or bookkeeper for a new startup is, quite simply, cost. 3% culture fit getting my approach to business 52% 6% other/don t know 11% access how to go about finding a suitable accountant 28% value what they can offer beyond balancing my books 52% cost accounting fees 28% 11% 3% 6%
9 Follow the Money Unfortunately, the lack of access to an accountant or bookkeeper, means that the majority of startups resort to outdated methods to track their business finances, such as spreadsheets or pen and paper. By contrast, experienced business owners are much more likely to use accountants or bookkeepers and financial management software. 35% use spreadsheets or pen and paper 54% use spreadsheets or pen and paper 35% use software or outsourced services. 29% use software or outsourced services 13% use a bookkeeper or accountant 27% use a bookkeeper or accountant. 4% other 3% other
10 Financing Growth The lack of access to professional financial management support hinders a startup s ability to grow. Startups are three times as likely as a mature business to be turned down for a loan. 7% of mature businesses say they have been denied funding from a financial institution. 21% of startups have been denied funding from a financial institution. The importance of being able to secure a loan cannot be underestimated. The fact is, securing a loan is primarily done to fuel the growth phase of a business: Only 20% have had to seek funding to keep their business afloat. 59% of small business owners indicate that they ve turned to the bank to finance a growth phase.
11 When s the Right Time to Hire an Accounting Professional? If you ve started a new business and are unsure of any of the following, it might save you time and a headache to hire help: Customer Payments Deposits Invoices Account Charts Accounts Payable/ Receivable Bank Reconciliation What Exactly Does an Accounting Professional Do? Analyzes the financial big picture and offers strategic advice Produces key financial documents and can help file company taxes Can be outsourced as a chief financial officer after tax season, to advise on financial strategies Performs day-to-day hands-on tasks: handling paperwork, paying bills and submitting invoices Tracks company expenses to ensure every cost is recorded correctly for taxes
12 What are the Key Benefits of Hiring an Accounting Professional? Advisor on Growth Opportunities Credibility Accurate Books Receipt Maintenance Account Bank Statement Reconciliation Time Savings Are you Ready to Hire an Accounting Professional? Before hiring an accounting professional, consider the following questions: Do I have the time to learn and manage the bookkeeping system? Am I able to keep up-to-date on new tax laws in order to avoid legal troubles? Is my time best spent managing the bookkeeping system?
13 A Full-Time Priority At Intuit, we are committed to doing our part to help turn part-time startups into full-time success stories. We believe that the future of our economy depends on it. The fact that more than half (53%) of all new startups in Canada are run by part-time entrepreneurs means that the bulk of new ideas, new products & services, and jobs are being generated by people who are juggling a range of competing priorities. These part-time entrepreneurs don t have access to the professional tools and resources they need, especially when it comes to fundamental business capabilities, like financial management. At Intuit, we believe that boosting financial literacy capacity is the single most important thing we can do to help more entrepreneurs succeed.
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